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Tom Hardel Market Update

Tuesday, September 1st, 2015 at 5:46am. 23 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "The shortest answer is doing the thing." --Ernest Hemingway, American author and journalist

INFO THAT HITS US WHERE WE LIVE... We certainly need no lengthy explanations concerning what's doing in the new home market. In July new single-family home sales headed up 5.3%, to a 507,000 unit annual rate, and are now up 25.8% over a year ago. These sales cooled off in June, but looking at the past year, new home sales averaged their fastest sales pace since 2008. Consequently, inventories gained by 4,000, yet the months' supply dropped from 5.3 in June to 5.2 in July. That faster selling pace gives builders a nice opportunity to step up construction activity and inventories. Remember, new home sales are still

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Summit Mortgage Weekly Rates

Friday, August 28th, 2015 at 4:12pm. 33 Views, 0 Comments.

COMMENTARYIf you only looked at mortgage rates every Friday to determine what’s going on with the economy, you’d be inclined to believe that not much happened this past week and you’d be dead wrong.  The week began with a tumultuous drop in US stock values on Monday as a continuation of the previous week’s market upheaval.  Following this up on Tuesday was the Peoples' Bank of China cutting short-term interest rates by 25 basis-points. With such dire happenings in the rear-view mirror, the surprises kept coming with the scale evening out as Wednesday’s economic reports in the US showing Durable Goods orders considerably outpacing expectations along with Thursday’s Q2 GDP growth sporting a 3.7% pace when most agreed that 2.3% to 2.5% growth was

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Tom Hardel Market Update

Tuesday, August 25th, 2015 at 6:03am. 32 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "I couldn't wait for success, so I went ahead without it." --Jonathan Winters, American comedian

INFO THAT HITS US WHERE WE LIVE... No one would call today's housing market a raging success, but it is moving ahead pretty well, considering. Housing Starts went up nicely in July, hitting a 1.206 million annual rate, and they're now up 10.1% over a year ago. The month's gain all came from a 12.8% hike in single-family units, which are up 19.0% in the last 12 months. Notably, this performance followed the boom in starts reported in June. Building Permits, however, were down in July, dipping to a 1.119 million annual rate. Yet single-family permits are up 6.1% and multi-family permits up 9.7% compared to a year

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Summit Mortgage Weekly Rates

Friday, August 21st, 2015 at 3:53pm. 46 Views, 0 Comments.

COMMENTARYPersistently weak global economic growth forecasts and anemic inflation threats here in the US have many economists downwardly revising their interest rate forecasts -- even as the Federal Reserve appears poised to begin nudging their benchmark short-term rates higher before the year is out.  Coupled with stock markets here and abroad nose-diving this week – it has created a nice little  "flight-to-quality" buying spree favoring U.S. dollar denominated assets like Treasury debt obligations and agency eligible mortgage-backed securities.  As long as this mindset prevails, mortgage interest rates are not likely going to move significantly higher from current levels.  Don't misunderstand -- rate volatility will remain - but the magnitude of the

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Tom Hardel Market Update

Tuesday, August 18th, 2015 at 6:09am. 41 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "I am a marvelous housekeeper. Every time I leave a man I keep his house." --Zsa Zsa Gabor, Hungarian-born American actress

INFO THAT HITS US WHERE WE LIVE... Zsa Zsa's "marvelous" skills could be seeing nice returns for her in the current housing market. The National Association of Realtors (NAR) reports that in Q2, the national median existing home price was UP 8.2% over Q2 of 2014. Single family home prices posted gains in 93% of metropolitan areas--that's 163 out of 176--up from 85% of markets showing increases in Q1. The nineteen best-performing metro areas saw double-digit gains. The NAR's chief economist attributes rising prices to rising demand brought on by steady rent increases, a slower than

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Summit Mortgage Weekly Rates

Friday, August 14th, 2015 at 4:53pm. 49 Views, 0 Comments.

COMMENTARYComing into this week, mortgage rates were focused on productivity, labor costs and jobless claim reports.  All of that went out the door on Tuesdaywhen China made the unexpected move to devalue its currency.  It was a direct effort to make Chinese exported goods and services more price competitive in the global market place as the Chinese economy hovers on the brink of a recession.  As is wont to happen in this ever-connected world, this event pushed the value of the U.S. dollar higher in the global currency markets -- which in-turn bumped-up demand for dollar denominated assets like Treasury debt obligations and agency-eligible mortgage-backed securities.  That's one of the two good news parts of the story.  The other good news is that for

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Tom Hardel Market Update

Monday, August 10th, 2015 at 8:44pm. 51 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "If you could kick the person in the pants responsible for most of your trouble, you wouldn't sit for a month." --Theodore Roosevelt, 26th President of the United States

INFO THAT HITS US WHERE WE LIVE... Many homeowners are missing out on the opportunities in today's housing market but, as TR noted, it's actually their own fault. Fannie Mae's National Housing Survey (NHS) found that as many as 15 million homeowners underestimate the equity they have in their homes, so they're reluctant to consider buying another one. Such borrowers underestimate how large a down payment their home equity could provide, their chances of qualifying for a mortgage, and therefore their opportunities to sell their current property and…

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Summit Mortgage Weekly Rates

Monday, August 10th, 2015 at 5:35am. 63 Views, 0 Comments.

COMMENTARYAs the week began, the Labor Department's June Income & Spending report showed personal consumption, one of the Fed's favorite measures of inflation at the consumer level, posted a very modest gain of 0.1%.  Mortgage investors shrugged, rates remained steady and everyone looked forward to today’s July payroll report.  A headline payroll number of 240,000 or more together with a jobless rate of 5.2% or less would put noticeable upward pressure on rates -- while a July payroll number of 225,000 or less and a jobless rate of 5.3% or more would be supportive of the prospects for steady to perhaps fractionally lower rates. As it turned out, July’s payrolls increased by 215,000 new jobs which did not provide mortgage investors with additional clues

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Tom Hardel Market Update

Monday, August 3rd, 2015 at 8:50pm. 65 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "I have had a perfectly wonderful evening, but this wasn't it." --Groucho Marx, American comedian

INFO THAT HITS US WHERE WE LIVE... We have had a perfectly wonderful Pending Home Sales report, but the latest one wasn't it, revealing that the National Association of Realtors (NAR) pending sales index slipped in June. Thankfully, this was only by a mere 1.8% off May's reading, which, let's remember, was the highest in almost a decade. The June read was also 8.2% above June 2014, which made it ten months in a row that year-over-year Pending Home Sales have increased. The NAR's chief economist feels sales should continue at a solid pace for the rest of the summer, while the chief economist for a listing site noted that…

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Tom Hardel Market Update

Tuesday, July 28th, 2015 at 5:46am. 83 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "If you want to be thought a liar, always tell the truth." --Logan Pearsall Smith, American writer

INFO THAT HITS US WHERE WE LIVE... Some folks think it's a lie that the housing market is making  progress, but the truth is, the evidence of recovery keeps mounting. Last week we got Existing Home Sales up 3.2% in June to a 5.49 million annual rate, 9.6% ahead of a year ago. And this bump wasn't just caused by some sensational performances in a few areas of the country. Sales went up in all major regions, and although the gain was mostly due to single family homes, condo/coop sales also rose. In fact, June saw the fastest sales pace for existing homes in more than 8 years, in spite of the tight supply and

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